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Midway Games Sold
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Posted by Donster on: 2008-12-01 16:26:54 276
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Source: Reuters
Media mogul Sumner Redstone has sold his controlling stake in video game company Midway Games Inc. to a private investor to ease his debt load, the Wall Street Journal said.
Redstone's National Amusements Inc is expected to announce on Monday that it sold the 87 percent stake to investor Mark Thomas, the Journal said.
Thomas has agreed to pay about $100,000, or $0.0012 a share, for the Midway stake and will assume $70 million of senior secured and unsecured debt. Thomas has no prior relationship with Midway Games, the paper said.
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